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Back from the Dead? Crypto Mining Chip Giant Bitmain Reportedly Considering US Initial Publish Offering (IPO)

Jun 21, 2019

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  • Cryptocurrency mining chip producing giant Bitmain Technologies may be reigniting plans for an initial public offering (IPO), according to a report today from Bloomberg that cites anonymous individuals familiar with the matter. 
     
  • Bitmain was initially planning an IPO listing on the Hong Kong stock exchange earlier this year to raise upwards of $3 billion before plans were scrapped amid volatile cryptocurrency prices.  
    • Bitmain also faced pushback from Hong Kong regulators who feel IPOs by cryptocurrency companies are “premature,” according to the South China Morning Post.  
       
  • The Bloomberg report explains that Bitmain, which was valued at $15 billion in a private equity funding round last year, is seeking to raise between $300 million and $500 million with an IPO listing in the US.  
     
  • Bitmain intends to submit IPO listing documents with the US Securities and Exchange Commission (SEC) as soon as next month with hopes of going public by the end of 2019.  
     
  • According to Bloomberg, smaller rivals Canaan Inc. and Ebang International Holdings Inc. intend to sell public shares in the US sometime soon.  

 

 

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